The Hyderabad-based company's chief executive Hari Thalapalli said the talks are at an initial stage. "We expect to complete the process by the year end or at the most fiscal end," he told ET.

The startup could divest equity in favour of multiple investors, Thalapalli said.

He said the company has chalked out an asset light business model estimate to spend nearly two-thirds of funds on customer acquisition and brand building, and more than a third on technology assets, staff hiring and operations.

CallHealth, which is spreading its operations in Andhra Pradesh and Telangana, is looking at investing about 700 crore by 2018 for a nationwide roll-out, he said.

The talks comes three months after the company raised 50 crore in a fresh round of funding, a person familiar with the matter said on condition of anonymity. The firm, founded in November 2013, has raised 200 crore till now from captains of industry, including the promoters of Dr Reddy's Laboratories, he said.

Sandhya Raju, the daughter of Ramco Systems' managing director PR Venketrama Raju, said the disgraced former chairman of Satyam Computer Services had no role to play in CallHealth.

The company offers services such as consultations with doctors, diagnostic services, home care, physiotherapy and delivery of medicines. It also facilitates medical appointments and surgeries on a priority basis and users can access the service by phone, website and mobile app.

Only in India the healthcare financing is very small when compared to the financing by the other forces rather than the patient himself or herself paying out of pocket. Having 70-75% of the expenses as out-of-pocket, in my opinion, is not a right approach to managing healthcare in a country where the patients tend to sub-optimally purchase healthcare if he/she has to pay out-of-pocket.